Uganda’s oil reserves could reach six billion barrels: Report

Kampala, Aug 28 (DPA) Uganda’s recently discovered oil reserves now stand at two billion barrels but may exceed six billion barrels as exploration continues, a government newspaper reported Friday. International firms have invested millions of dollars in the East African country, where they began exploration activities in the western and north-western region early this decade.

“Out of the 34 wells drilled, 32 have encountered oil and/or gas,” Friday’s edition of The New Vision newspaper quoted a senior geologist in the energy ministry as saying. “The total proved reserves might reach six billion barrels or more.”

Commercially viable reserves were first discovered in 2006 in the region along the border with the Democratic Republic of Congo and initial production was planned by the end of this year.

If the projections prove to be accurate, Uganda would be catapulted into the top echelons of Africa’s oil producers, possibly even surpassing Sudan - currently the third-largest producer - in terms of reserves.